Federal government HELP TO BUY SCHEME
How it works
The scheme is based on a shared equity platform, in which the government provides first home buyers with a financial contribution to their loan so they can buy a property.
That contribution will account for 30 per cent of an eligible applicant's home loan for an established property and up to 40 per cent for a new build.
Eligibility
Those who are eligible for the scheme will need to earn less than the increased annual income caps set by the government, which are now $100,000 for single applicants and $160,000 for joint candidates.
Property value caps
Buyers who partner up with the government to secure their first property will be restricted by the value of the home they're buying and its location. The increase on price caps being introduced by the government has been linked to the average value of a house in each state and territory. The limit is set at $1 million in Brisbane and Canberra, $950,000 in Melbourne, $900,000 in Adelaide, $850,000 in Perth, $700,000 in Hobart and $600,000 in Darwin.
Help to buy applications
The government has advised that applications should be open late 2025.